This a protection policy aimed at providing protection of the property and financial security to the borrowers and lenders.

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Mortgage plus cover is designed to cover the outstanding loan amount of the mortgagor/individual borrower in case of his/her demise. It also covers total loss and damage of the collateral security by the mortgagor/individual borrowed as a result of fire and allied perils.

A mortgage is an interest acquired by the creditor/lender in say a house or other property as a form of security/ collateral offered by a debtor/ borrower for repayment of a debt. If death occurs to the debtor/borrower, then the property is put to sale in order to recover the outstanding balances. This is prejudicial to the debtor’s / borrower’s spouse or dependents that would have lost the mortgaged house or property and it would tarnish the creditor’s/lender’s reputation. As far as the creditor is concerned, he has to have financial interest in the borrower. That financial interest is insurable so that if the money, the proceeds of the insurance policy would defray the outstanding balance. The deceased borrower’s spouse or dependents would be happy to remain with the mortgaged house or property and the creditor would avoid their wrath as he would have not sold the property to recover the outstanding balance.


  • In case of death from either natural and accidental causes or total permanent disability, the outstanding loan amount will be paid. (Please note that it is expected that the loan amount will be decreasing as a member will be servicing the loan.)
  • In case of critical illness 30% of the outstanding loan amount is payable up to a pre-agreed limit.
  • In case of loss or damage of the insured property by fire and the allied perils the outstanding loan balance is paid.